Has the Euro-Mediterranean Partnership Affected Mediterranean Business Cycles?
Article first published online: 30 OCT 2013
Copyright © 2013 John Wiley & Sons, Ltd.
Journal of Applied Econometrics
Volume 30, Issue 2, pages 241–262, March 2015
How to Cite
2014), Has the Euro-Mediterranean Partnership Affected Mediterranean Business Cycles?, J. Appl. Econ., 30, pages 241–262. doi: 10.1002/jae.2364, and (
- Issue published online: 2 MAR 2015
- Article first published online: 30 OCT 2013
- Manuscript Revised: 3 SEP 2013
- Manuscript Received: 14 MAR 2012
We date turning points of the reference cycle for 19 Mediterranean countries and analyze their structure and interdependencies. Fluctuations are volatile and not highly correlated across countries; recessions are deep but asynchronous, the distribution of output losses in recessions spread out. Heterogeneities across countries and regions are substantial. Cyclical fluctuations are poorly related to trade and financial linkages. Mediterranean cycles are time varying but their evolution is not linked with the Euro-Mediterranean partnership process. Copyright © 2013 John Wiley & Sons, Ltd.